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Reports India

Indian stock market and companies daily report (April 07, 2014, Monday)

April 7, 2014, Monday, 04:51 GMT | 00:51 EST | 08:21 IST | 10:51 SGT
Contributed by Angel Broking

Indian markets are expected to open flat tracking flat opening trades in SGX Nifty and most of the Asian markets.

After initial upward move, following the release of the Labor Department's closely watched monthly jobs report, stocks moved notably lower over the course of the trading day on Friday due to weakness in technology stocks. The monthly jobs report indicated increase in employment, albeit slightly less than expected in the month of March. The report also showed upward revisions to the job growth in the two previous months. Meanwhile, European stocks continued to rally for ninth straight day as a decent U.S. jobs report kept investors in a positive frame of mind. Strong manufacturing data from Germany and talk of a big merger between cement makers Holcim Ltd. and Lafarge also contributed to the rally.

Back home, domestic markets fell for a second consecutive session on Friday as investors indulged in profit taking awaiting cues from the all-important U.S. jobs data due out later in the day. Concerns that the RBI may prevent extensive appreciation in the rupee also hurt investor sentiment. The central bank has been buying dollars intermittently to shore up its foreign exchange reserves.

Markets Today

The trend deciding level for the day is 22,408 / 6,707 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 22,477 - 22,594 / 6,729 - 6,764 levels. However, if NIFTY trades below 22,408 / 6,707 levels for the first half-an-hour of trade then it may correct 22,291 - 22,222 / 6,672 - 6,650 levels.

BHEL announces provisional FY14 figures

BHEL's top-line and bottom-line performances were below our estimates. Top-line declined by 1 7.5% yoy to Rs.40,336 compared to our estimate of Rs.41,082 while net profit declined by 51.7% yoy to Rs.3,228crcompared to our estimate of Rs.3,731cr. Provisional order inflow stood at Rs.28,007cr in FY2014, down 11.5% yoy. We maintain Neutral on the stock.

MOIL raises price of manganese ore

MOIL in its filings to the stock exchanges has stated that for April-June quarter it has raised the price of SM Grades 25% Manganese ore by 10.0% over the prices of January-March 2014 while it has kept the price of all other grades of ore constant. We do not see any significant impact of this price revision on MOILRs. financials and hence We maintain our Neutral view on the stock.

Economic and Political News

- Differentiated licence suits some of the applicants better: RBI

- Finance Ministry not in favor of tax sops for CSR in backward regions

- CACP recommends options for better handling of fertilizer subsidy

- CCEA approves Rs.2,207cr for National food mission 2014-15

Corporate News

- Sun Pharma to buy Ranbaxy for US$3.2bn

- OVL plans to raise US$500-700mn to fund Mozambique acquisition

- ONGC looks for equity partner in Vietnam project

- Dr Reddy's may spend US$400mn on R&D in 4 years